The well-known operator, 888, has decided to strengthen its position in several key markets and to expand its scope of work. It plans to do so by purchasing William Hill assets early next year.
The move is possible due to several approvals the operator has procured recently. Thus, 888 will enter the race to buy Hill’s assets that are not in the territory of the United States, from Caesars Entertainment in the first quarter of next year.
The purchase price has been set for £2.2bn (€2.6bn/$2.9bn) as agreed back in September. It is believed that this purchase agreement will allow 888 to become a leader in the online betting and gaming market.
888, which recently went live in Italy, has provided all the necessary regulatory permits that are an integral part of the acquisition process. In addition, approval of 888’s shareholders is required to fulfill the agreement. A meeting to vote on it will be held early next year, and during the year a shareholder circular and prospectus will be announced, which is essential for shareholders to vote.
This process entails a series of actions that must be taken, and we see the best example of this in the need to reorganize the William Hill group to separate US business and business outside this territory
We hope that nothing will become complicated in the meantime, given that if all conditions are met, the acquisition will be completed in early 2022.
From 888’s Rep
888 Chief Executive, Itai Pazner, also commented: “This transaction will create one of the world’s leading online betting and gaming groups with superior scale, leading technology, increased diversification, and a platform for strong growth, supported by a portfolio of an iconic brand. The appointment of Guy Cohen also strengthens our leadership and commitment to this important process, as we look to leverage the significant expertise and talent from both businesses to benefit the combined group. I’m delighted that we have now checked off a number of important milestones towards the completion of the acquisition.”
Pazner added that given the strong progress so far, he expects the whole process to be completed in early 2022 and is excited to be able to combine the two strong businesses.
Source:
“888 on track to acquire William Hill assets in Q1 of 2022”, igamingbusiness.com, November 30, 2021.
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